US average long-term mortgage rates jump; 30-year now 3.45%

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Average long-term U.S. mortgage rates jumped again this past week, reaching their highest level since March 2020, just as the coronavirus pandemic was breaking in the U.S. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year home loan rose to 3.45% this week from 3.22% last week. A year ago, the 30-year rate stood at 2.79%. Mortgage rates have been expected to rise this year after the Federal Reserve announced last month that it would begin dialing back its monthly bond purchases — which are intended to lower long-term rates — to slow accelerating inflation.